Homebuilders Crank Up Production in September
Tweet
Share
E-mailGet Alerts TOL Hot Sheet
Price: $137.91 -1.37%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.7%
Revenue Growth %: -7.3%
Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 0.7%
Revenue Growth %: -7.3%
Join SI Premium – FREE
Homebuilding stocks are on the fly in early trading on Wednesday after reports showed that new-home construction boomed in the September. Building permit rose to 894 thousand, compared to 810 thousand expected, and housing starts rose 872 thousand compared to 770 thousand expected. This was a 15 percent jump and the largest gain since July of 2008.
The huge jump in housing starts could be a sign that record low mortgage rates finally sparked meaningful buying interest and homebuilders are responding with more production.
Toll Brother (NYSE: TOL) is higher by 1.4 percent pre-market. PulteGroup (NYSE: PHM) is up 1.75 percent, and Lennar is higher by 1.5 percent early on Wednesday. Today’s gains add to the massive year-to-date returns for homebuilders.
The huge jump in housing starts could be a sign that record low mortgage rates finally sparked meaningful buying interest and homebuilders are responding with more production.
Toll Brother (NYSE: TOL) is higher by 1.4 percent pre-market. PulteGroup (NYSE: PHM) is up 1.75 percent, and Lennar is higher by 1.5 percent early on Wednesday. Today’s gains add to the massive year-to-date returns for homebuilders.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Taylor Morrison Home (TMHC) PT Raised to $72.50 at RBC Capital
- Trump names Pulte as acting director of national intelligence
- Toll Brothers Announces Saltgrass at Heron Bay Now Open in Parkland, Florida
Create E-mail Alert Related Categories
Insiders' BlogRelated Entities
Housing StartsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
